Conagra Brands (CAG) FY2025 10-K Annual Report
Conagra Brands (CAG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Jul 10, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Conagra Brands FY2025 10-K Analysis
Business Overview
- • Core business model: North American branded consumer packaged goods food company with Grocery & Snacks, Refrigerated & Frozen, International, and Foodservice segments
- • New leadership additions in 2024: Noelle O'Mara as EVP & President, New Platforms and Acquisitions; Thomas McGough promoted to EVP & COO
- • Strategic focus on innovation and expanding adjacent categories including acquisitions, driven by agile collaboration and evolving consumer food preferences
- • Employee count stable near 18,300 with 44% unionized; Occupational Safety and Health Administration incident rate improved to 1.32 in 2025 from 1.58 in 2023
- • Largest customer Walmart accounted for 29% of net sales in 2025, slightly up from 28% in prior two years indicating stable major account concentration
Management Discussion & Analysis
- • Revenue $11.61B, down 3.6% YoY; Grocery & Snacks $4.90B (-1.2%), Refrigerated & Frozen $4.66B (-4.2%), International $957M (-11.3%), Foodservice $1.09B (-4.7%)
- • Operating margin declined: Grocery & Snacks profit $1.02B (-7.6%), Refrigerated & Frozen $652M (-20.1%), International $144M (-7.1%), Foodservice $131M (-13.4%)
- • Refrigerated & Frozen worst performer: $651.7M profit (-20.1%); Grocery & Snacks best performer: $1.02B profit (-7.6%)
- • Diluted EPS $2.40 vs $0.72; SG&A expenses $1.54B up $49.8M; net interest expense down 3.2% to $416.7M; equity earnings $182.4M up; $200M term loan added; significant tax benefit of $253.5M improved net income
- • Fiscal 2026 outlook: expect continued volume pressure from inflation, tariffs, FX headwinds; effective tax rate ~23%; focus on mitigating macroeconomic risks and managing supply chain challenges
Risk Factors
- • Cybersecurity risk managed by dedicated internal team led by CISO with 25+ years experience and reporting to CIO with 20+ years at Conagra
- • Board Audit/Finance Committee receives cybersecurity updates each meeting on program state, emerging threats, and mitigation strategy
- • Cyber incident response plan tested regularly via tabletop exercises involving external experts and strategic crises management coordinator
- • Cross-functional Corporate Cybersecurity Steering Committee includes SVP Corporate Controller, IT, finance, supply chain, legal, and HR leadership
- • No specific regulatory, geopolitical, supply chain, competitive, or financial risks detailed in provided text
Conagra Brands FY2025 Key Financial MetricsXBRL
Revenue
$11.6B
▼ -3.6% YoY
Net Income
$1.2B
▲ +231.9% YoY
Gross Margin
25.9%
▼ -180bp YoY
Operating Margin
11.8%
▲ +200bp YoY
Net Margin
9.9%
▲ +704bp YoY
ROE
12.9%
▲ +879bp YoY
Total Assets
$20.9B
▲ +0.3% YoY
EPS (Diluted)
$2.40
▲ +233.3% YoY
Operating Cash Flow
$1.7B
▼ -16.1% YoY
Source: XBRL data from Conagra Brands FY2025 10-K filing on SEC EDGAR. All figures in USD.
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